Trade of the Day – Marco Polo Marine Ltd (SGX: 5LY) April 5, 2023 357
Trade of the Day
Marco Polo Marine Ltd (SGX: 5LY)
(Current Price: S$0.046) – TECHNICAL BUY
Buy price: S$0.045 Stop loss: S$0.042 Take profit: S$0.057
The price has broken out of a consolidation triangle at the S$0.044 price level supported by an increase in volume, which provides a bullish signal. The price could continue its recent bullish momentum to reach a potential level of resistance at S$0.057, confluent with the longer term uptrend channel resistance when calculating the target level for the breakout by taking the height of triangle (S$0.013) and projecting onto the breakout level at S$0.044.
Expected timeline of the trade is 8-12 weeks from the date of report issuance.
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Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).